Bitcoin miners are accumulating Bitcoin (BTC) every bit the network hash rate continues to recover, according to on-chain analytics provider Glassnode.

In its Sept. 20 Calendar week on Chain report, Glassnode stated that miner BTC balances are increasing, with wallets associated with miners having stockpiled 14,000 BTC (worth roughly $600 meg) over the past half-dozen and a half months.

The study also noted that the bull markets of 2022 and 2022 have seen miners hold onto a larger portion of their rewards than in previous market cycles. Miners usually sell BTC to cover their expenses, including electricity bills and hardware.

Bitcoin miner unspent supply: Glassnode

The tendency of miner accumulation continued equally the Bitcoin network'due south hash rate recovered this past quarter.

Amid speculation regarding a wholesale Chinese miner exodus, Glasnnode reported that Bitcoin'southward hashing power had slumped 51% to a low of xc exahashes in late June.

Network hashing power has recovered 52% from 137 exahashes according to a vii-day moving boilerplate. Hash rate recovery indicates that most mining operations have now relocated and are up and running again.

Even so, the Bitcoin hash rate is currently sitting 34% below its all-time high of 184 exahashes from May.

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Despite the expanding mining treasuries and hash rate recovery, shares in publicly traded mining firms have pulled back every bit the broader financial markets retrace among fears that Chinese property behemothic Evergrande may soon default on its loans.

Riot Blockchain, which has been spending large on building a new data centre in Texas and expanding its hashing capacity this year, has suffered a 2.4% slide in the toll of its stock since the outset of trading on Monday.

Competitors Marathon and Hive Blockchain are both down by a more modest 1.5% since Monday morning time, while shares in Hut 8 stocks take fallen by 5.four% over the same catamenia — rounding off the functioning for each of the "Large Four" Due north American mining firms.

However, mining stocks accept outperformed Bitcoin for the calendar week so far, with BTC tumbling more than than ten% to trade at $42,730 at the fourth dimension of writing, co-ordinate to CoinGecko.